Updated First-Floor Office
For Sale
$215,000
141 Prosperous Place #22A, Lexington, KY 40509
Professional office condo with private offices, collaborative space, kitchenette, restroom, storage, and refreshed finishes.
Property Size882 SF
Price / SF$243.76
Days on Market112
Property Features for 141 Prosperous Place #22A
General Information
Standard status
Active
Size
882 SF
Total Parking Spaces
55
Property subtype
Commercial
Zoning
P-1 Professional
Additional Details
Floor
1
Highway Access
Yes
Building Details
Building Size
882 SF
Year Built
1989
Buildings
1
Stories
1
Listing Agency:
Real Broker, LLC - Lexington
(859) 351-9796
Listed By:
Nicholas Ratliff
(859) 351-9796
Source:
Gia-sells
Added: May 13
Changed: Aug 31
Last Checked: Sep 1 at 7:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Broker, LLC - Lexington
Investment Insights
Based on property information with market context.
This first-floor office condo at 141 Prosperous Place #22A provides approximately 882 SF of updated professional space. The interior includes three private offices, a large conference or collaborative area, kitchenette, restroom, and storage. Recent updates include modern flooring, neutral paint, upgraded cabinetry, quartz countertops, and a custom accent wall. The property is zoned P-1 Professional and was built in 1989.
Located within Richmond Square Office Park, the unit is positioned near Richmond Road and the Man o' War corridor, with nearby restaurants, retail, medical services, banking, and other professional services. Access to I-75, Hamburg, and New Circle Road supports convenient travel throughout the area. The configuration is suited to a range of office operations, including legal, insurance, mortgage, financial, consulting, real estate, and medical-related uses.
Located within Richmond Square Office Park, the unit is positioned near Richmond Road and the Man o' War corridor, with nearby restaurants, retail, medical services, banking, and other professional services. Access to I-75, Hamburg, and New Circle Road supports convenient travel throughout the area. The configuration is suited to a range of office operations, including legal, insurance, mortgage, financial, consulting, real estate, and medical-related uses.
Key Highlights
- Approximately 882 SF first‑floor office condo
- Three private offices plus a large conference or collaborative workspace
- Updated flooring, paint, cabinetry, quartz countertops, and custom accent wall
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,009
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$220,180
$220.2K
Cap Rate 7%
$157,271
$157.3K
Cap Rate 9%
$122,322
$122.3K
Market Conditions
NOI Build-Up for 882 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.9K $19.20/SF
− Vacancy
−$2.3K −$2.56/SF
EGI
$14.7K $16.64/SF
− OpEx
−$3.7K −$4.16/SF
NOI
$11.0K $12.48/SF
Area
ZIP 40509
Vacancy
13.32%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$220,180
Cap Rate 7%
$157,271
Cap Rate 9%
$122,322
Alternative Uses
Best Use
Office B
$157.3K
$137.6K – $183.5K
NOI $11,009 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$183.8K
$160.8K – $214.4K
NOI $12,863 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office condo with private offices, collaborative space, kitchenette, restroom, storage, and refreshed finishes.
Where is this office units located?
The property is located at 141 Prosperous Place #22A Lexington, KY.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Approximately 882 SF first‑floor office condo; Three private offices plus a large conference or collaborative workspace; Updated flooring, paint, cabinetry, quartz countertops, and custom accent wall
